26-30 - Expenses and commissions allowed fiduciaries. - Virginia Statutes

§ 26-30. Expenses and commissions allowed fiduciaries.

The commissioner, in stating and settling the account, shall allow thefiduciary any reasonable expenses incurred by him as such; and also, exceptin cases in which it is otherwise provided, a reasonable compensation, in theform of a commission on receipts, or otherwise. Unless otherwise provided bythe court, any guardian appointed pursuant to Chapter 10 (§ 37.2-1000 etseq.) of Title 37.2 shall also be allowed reasonable compensation for hisservices. If a committee or other fiduciary renders services with regard toreal estate owned by the ward or beneficiary, compensation may also beallowed for the services rendered with regard to the real estate and theincome therefrom or the value thereof. Notwithstanding the foregoingprovisions or any provision under Chapter 31 (§ 55-541.01 et seq.) of Title55, where the compensation of an institutional fiduciary is specified underthe terms of the trust or will by reference to a standard published feeschedule, the commissioner shall not reduce the compensation below the amountspecified, unless there is sufficient proof that i) the settler or testatorwas not competent when the trust instrument or will was executed or ii) suchcompensation is excessive in light of the compensation institutionalfiduciaries generally receive in similar situations.

(Code 1919, § 5425; 1985, c. 402; 1997, c. 921; 2005, c. 935.)